KUALA LUMPUR: Prime Minister Anwar Ibrahim today admitted that the Battersea Power Station investment in London, UK, had incurred heavy losses, calling for greater caution when GLCs and investment companies (GLICs) invest overseas.
Anwar, who is also the finance minister, said efforts to recoup losses from the Battersea project were ongoing, although the experience showed the need for prudence from GLCs and GLICs when choosing foreign ventures to invest in.
"I agree with the statement by Hassan Karim (PH-Pasir Gudang). Although we are trying to recover, the initial investment was too high and caused losses.
"Therefore, the rationale raised (by Hassan) is accurate. Why were we so hasty to invest (in the project)?" he said during the prime minister's question time in the Dewan Rakyat.
The Battersea Power Station is part of a broader regeneration programme spanning 42 acres along the River Thames. Once completed, the project is expected to create over 20,000 jobs, 4,000 homes and 19 acres of public space.
The wider development is owned by a consortium of Malaysian investors comprising Sime Darby Property (40%), SP Setia (40%) and EPF (20%).
Commercial assets within the old power station, which has been turned into a shopping mall, are directly owned by Permodalan Nasional Bhd and EPF.
As of May 2025, more than 2,200 homes had been delivered and over 3,000 people were residing in the area. A 280 million pound (RM1.57 billion) refinancing facility was granted two weeks ago to fund development of the site's remaining 15.9 acres.